(noun) clothing.

NOTE: This term is still heard today, but usually in jest.

Alan: Did you see what Eric wore to school today?

Greg: Yeah. Nice threads! That guy has really good taste.

(adjective) disappointed.

NOTE: "Bummed out "has been updated slightly in the 90's by dropping the preposition, an extremely popular formula used today with many slang terms. For example:
bummed out (disappointed) = bummed;
ticked off (angry) = ticked;
freaked out ( very upset) =freaked;
wiped out (tired) = wiped; etc.

 Nancy: What's wrong, Jodi?

Jodi: I'm really bummed. I just found out I failed the math test!

(noun) disappointment.

NOTE: Teenagers of the 90's are commonly using this noun followed by dude meaning "man" as a way to update this 70's term. Within the past few years, teenagers commonly use dudewhen addressing a girl as well.

 Jodi: I'm really bummed. I just found out I failed the math test!

 Nancy: Bummer, dude!

(expression) good / bad feelings (about someone or something.)

NOTE: This is a shortened version of  "good / bad vibrations."

 David: Did you rent the apartment you saw yesterday?

Gary: No, I decided not to. I was getting bad vibes from the landlord.

(expression) the worst possible situation.

NOTE: A "pit" is a hole. Therefore, to be in the pitssuggests a situation that couldn't get any worse or "lower."

Irene: This is really the pits. I missed the last airplane of the night?